When entering the world of cryptocurrencies, it is important not to focus solely on prices, but you should also understand the fees associated with trading. Fees can significantly impact your profits, especially when executing a large number of trades 📉💸
🔸 There are multiple types of fees, including:
1. Trading Fees: These are the fees you pay when buying or selling cryptocurrencies, and they are often a small percentage of the transaction value.
2. Withdrawal Fees: These are charged when transferring cryptocurrencies from the platform to an external wallet. They vary by currency.
3. Network Fees: These are fees paid to miners or validators when sending cryptocurrencies, such as Ethereum or Bitcoin network fees.
Example: When trading SOL on multiple platforms, you will notice that its fees are very low compared to other currencies, making it a favorite among many active traders.
💡 Tip: Always check the fees before executing a trade and choose times when the networks are less congested to save on costs.
